SAN ANTONIO, TX, UNITED STATES, September 21, 2023 - According to a recent analysis conducted by Verify Markets, the Korean Residential Water Treatment Market is currently experiencing steady growth. The market has surpassed a value of over $2.5 billion in 2022. The market is expected to grow over a CAGR of over 6.5 percent during the forecast period.
Key competitive factors in this market include strong after-sales service, innovative and contemporary designs, effective marketing strategies, promotions, and discounts. Market leaders like Coway, LG, and Samsung are vying to lead the industry in offering cutting-edge water treatment systems to both South Korean and global consumers. These companies are leveraging Internet of Things (IoT), artificial intelligence (AI), and voice command functionalities to appeal to tech-savvy Korean customers who value advanced appliances that enhance their lifestyle and home aesthetics. By incorporating IoT and AI technologies, they aim to create water treatment systems that are more efficient, user-friendly, and environmentally conscious. Additionally, there is a strong emphasis on design, with systems being tailored to seamlessly integrate with customers' lifestyles, preferences, and home decor.
Many companies are focusing on developing sleek and space-saving water treatment systems that can be easily installed in compact spaces. These systems not only deliver effective water treatment, but also contribute to a clean and visually appealing kitchen, giving the illusion of more space.
Key drivers in this market include the growing popularity of rental models due to increased convenience and affordability, a preference for high-tech lifestyle products, and heightened concerns about water quality. The recent economic slowdown, attributed to inflation and rising household debt, coupled with an aging population, has led to a surge in demand for cost-effective rental products in Korea. The success of rental water treatment systems can be attributed to their convenient after-sales support, user-friendly payment options, and affordability.
The Korean Residential Water Treatment Market report is segmented by POU systems, pitchers, and replacement filters. The study is based on data from 2022, with forecasts provided until 2029. The report encompasses various market dynamics such as growth drivers, restraints, market revenues and forecasts, technology trends, and a competitive landscape assessment.
The key players within the market include Coway Co., Ltd., SK Magic Co., Ltd., LG Corporation, Chungho Nais Co., Ltd., Cuckoo Homesys Co. Ltd., Kyowon L&C Co., Ltd. and others.
Membrane technologies are extremely popular in Korea and most products are capable of dispensing hot and cold water. Mobile apps, Wi-Fi connectivity, and voice navigation are popular features in premium products in Korea.
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